Altus Gets $125 Million From Franklin Square for Solar ProjectsJustin Doom
Altus Power America Management LLC, a U.S. investor in renewable-energy projects, is getting $125 million from Franklin Square Capital Partners for commercial and industrial solar projects.
Blackstone Group LP’s GSO Capital Partners LP advised on the financing, said Tom Athan, managing partner and co-founder of Altus. Including third-party tax equity and debt, the funding is enough for solar projects worth about $200 million.
“The acceptability of solar from building owners and state governments is becoming greater, so there’s more available investment opportunity,” Athan said yesterday in a telephone interview.
Altus, based in Old Greenwich, Connecticut, is using the funds to create its fifth company focused on solar investments. Annual returns from the newly formed Altus Power America Inc. are expected to be at least 8 percent, Athan said.
Earlier this year, Altus said it was working with Macquarie Group Ltd. to invest as much as $100 million in land that would be leased to developers of large-scale power projects.